John McAfee Praises Bitcoin As The Leading Cryptocurrency For Processing Payments
In a recent exclusive interview, John McAfee gave his expert opinions on Bitcoin prices in the future as well as the current state of crypto mining. He started the discussing by commenting that it was difficult to predict the interim condition of the mining industry.
He shared a story about the time he was at crypto mining firm, MGT Capital.
“I was among the biggest miners in the world at MGT, and we did that business since it was highly profitable. Regardless of the bitcoin prices, there was no way you could lose your money through mining bitcoin. Even if the BTC drops significantly and everyone dumps their coin while the difficulty rate falls to zero, you could be cranking lots of bitcoins every day.”
Balancing The Mining Variables
Mr. McAfee also talked about the importance of balancing the primary crypto mining variables, including temperature, mining difficulty, electricity consumption, and hash rate. He also elaborated on various other perspectives that he had gained over time as a Bitcoin miner.
“As a professional and massive crypto miner, I can see the utilization and growth of Bitcoin. A few weeks ago, it cost me a long wait time of 18 hours to complete one Bitcoin transaction. When you have a product, item or entity that is in high demand, it is unlikely that the price will go down.”
Bitcoin’s mining difficulty has been increasing slowly, which means that supplies of this critical coin would probably be halved. The block rewards will likely drop to 6.25 BTC, down from the initial 12.5 BTC.
On this issue, McAfee commented:
“We should consider what happened to that last Bitcoin. When we have numerous people mining one coin, then pure mathematics states that the currency could rise to be worth billions. The mathematics is clear on that matter. I believe it could reach one million dollars within the next two years. Bitcoin is the best coin for all payment processing needs, and my prediction is that it is going to be highly successful.”
Cryptocurrency Volatility Continues
The crypto market has most financial analysts perplexed since the prices appear to fall and hike in seemingly unplanned and random ways. Nevertheless, McAfee strongly believes that the volatility is due to market manipulation, referring to the time Bitcoin dropped by $1,000 in three days.
He elaborated further on the price volatility subject:
“It is only possible to manipulate things when you have power over those items. As that entity increase in value, your power reduces. It is clear that the Bitcoin’s inherent value as a cryptocurrency is worth more than its current price. It always recovers regardless of the market conditions. The people who are currently manipulating it stand to lose lots of money and then the volatility will end.”
McAfee also commented that the current Bitcoin market was still in infancy. He likened the industry to blades of grass that were highly vulnerable to footsteps and wind. Nevertheless, he added that it would become a raging forest fire soon and we will have to use it. Remember that as bitcoin use increases, the fiat currencies will start inflating. He ended the interview by advising people to hold their bitcoins and mentioned that there was nothing like successful short-term investors in the crypto sphere.